Firefly Aerospace (NASDAQ:FLY) Trading 12% Higher – Here’s What Happened

Firefly Aerospace, Inc. (NASDAQ:FLY) rose 12% during trading on Thursday . The company traded as high as $37.21 and last traded at $37.4420. Approximately 1,501,856 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 5,713,230 shares. The stock had previously closed at $33.42.

Analyst Upgrades and Downgrades

FLY has been the topic of a number of research reports. B. Riley Financial initiated coverage on shares of Firefly Aerospace in a report on Wednesday, May 6th. They issued a “buy” rating and a $60.00 target price on the stock. Roth Mkm boosted their target price on shares of Firefly Aerospace from $35.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Jefferies Financial Group reiterated a “buy” rating and issued a $52.00 target price on shares of Firefly Aerospace in a report on Tuesday, June 2nd. Cantor Fitzgerald dropped their target price on shares of Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, March 26th. Finally, Weiss Ratings downgraded shares of Firefly Aerospace from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, April 24th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.33.

Firefly Aerospace Stock Performance

The firm’s 50-day moving average price is $39.51 and its two-hundred day moving average price is $28.98. The firm has a market capitalization of $6.18 billion and a PE ratio of -4.73. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.02.

Firefly Aerospace (NASDAQ:FLY) last released its earnings results on Monday, May 4th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.04. The business had revenue of $80.88 million for the quarter. Firefly Aerospace had a negative net margin of 181.16% and a negative return on equity of 40.96%. The business’s revenue was up 44.8% on a year-over-year basis. During the same period last year, the business earned ($5.09) earnings per share. As a group, research analysts predict that Firefly Aerospace, Inc. will post -1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Firefly Aerospace

In other news, General Counsel David Leigh Wheeler sold 3,766 shares of Firefly Aerospace stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $45.04, for a total value of $169,620.64. Following the transaction, the general counsel directly owned 142,758 shares of the company’s stock, valued at $6,429,820.32. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FLY. SBI Securities Co. Ltd. purchased a new position in Firefly Aerospace during the third quarter valued at approximately $74,000. JPMorgan Chase & Co. purchased a new position in Firefly Aerospace during the third quarter valued at approximately $19,471,000. Vanguard Group Inc. purchased a new position in Firefly Aerospace during the third quarter valued at approximately $53,409,000. AE Industrial Partners LP purchased a new position in Firefly Aerospace during the third quarter valued at approximately $1,063,863,000. Finally, TD Asset Management Inc purchased a new position in Firefly Aerospace during the third quarter valued at approximately $4,353,000.

About Firefly Aerospace

Firefly Aerospace (NASDAQ:FLY) is a U.S.-based aerospace company that designs, manufactures and operates launch vehicles and in-space systems for commercial, civil and national security customers. The company focuses on providing end-to-end small- and medium-lift launch services, mission integration and spacecraft hardware to support satellite deployment and on-orbit operations.

Firefly’s product portfolio includes the Alpha small launch vehicle, developed to carry small satellites to low Earth orbit, and plans for larger vehicles and in-space capabilities to address a range of payload sizes and mission profiles.